Reading an article this morning, the thought had never really occurred to me. In the wake of trendy “woke” investing by large asset managers that control most of the shares/votes cast at annual corporate meetings, much of it related to climate change, the largest three AMs were successful in electing three “dissident” directors to Exxon Mobil’s board. Subsequently, Exxon then reduced its oil production targets through 2025 downward from its original targets. So if we want to blame oil companies for price gouging in an already capital intense industry in a massive inflationary environment, consider the unintended consequences of the hand that’s dealt them by woke board members. Everything has a price.
